| Show Proposed Propos Plan to Reorganize W. W WL L. L B. B Submitted Malia Commissioner Receives Suggestion Suggestion Suggestion Sug Sug- From Di Directors Directors Di- Di rectors A A- suggested A-suggested plan of ot reorganization for or the Western Loan Lol and B Building company submitted to John A. A Malla Malta Utah state bank by the directors of the company und under r their statutory right to submit a plan of reorganization before September 15 IS or within 30 days after August 17 17 when the thc company was placed I in charge of the state commissioner was taken under advisement Saturday by Commissioner Malia Malla The plan was prepared by the tern lcm stockholders stockholders' committee was submitted to and received the approval approval approval ap ap- ap- ap of ot the Western Loan and Building company directorate and in iii turn was submitted to Commissioner Commissioner Commissioner Commis Commis- Malia by the company directorate directorate as its plan Members of the temporary stockholders stockholders stockholders' stock stock- holders' holders committee are Mark H H. Greene professor of economics at the University of Utah chairman John A. A Reed Kemmerer Wyo former bank examiner of Wyoming C. C J J. J Sumner Richfield Paul H. H Ray attorney at at- torney and Lincoln G. G Kell Kelly accountant account account- ant both of Salt Lake HOLD MEETING N Saturdays Saturday's meeting was attended by the stockholders' stockholders committee the directors directors' of the Western Loan and Building BuildIng- company Commissioner oner Malla MaIJa as conservator of the company for the banking and building and loan departments of at Utah California Oregon Oregon Ore Ore- gon Washington Nevada Wyoming Nevada and Montana and his attorneys attorneys H. H L. L r and Stuart P P. Dobbs Commissioner Malla Malia explained that tha any plan of reorganization no matter matter mat mat- ter whether Initiated by the directors investment stockholders or by the commissioners of banking departments departments depart depart- ments must have the approval of the banking or building and loan Joan department department depart depart- ment c commissioners before submission sion slon to the investment stockholders Commissioner Malia declared he would present the suggested plan to Friend W. W Richardson building anc and loan commissioner of California and the Nevada building and loan commissioner com corn missioner at a meeting in San Francisco Francisco Fran Fran- cisco Tuesday This meeting was called by the federal reserve bank o of ofSan ofSan San Francisco on the organization of the Federal Deposit Insurance corporation corporation cor cor- for the twelfth federal reserve reserve reserve re re- re- re serve district GOING TO OREGON Mr r. will leave Sunday for B Boise ise Idaho and Sal Salem rb m Ore where he will discuss the reorganization plan with the Idaho commissioner a at Boise and the Oregon and Washington Washing Washing- ton commissioners at Salem Following is the statement and suggested sug sag gest-ed gest plan of reorganization submitted submit submit- ted by DY the Western Loan and Building Building Build Build- ing company directorate with its ap ap- Continued on Pace Twelve MALIA GIVEN W. W L L B 8 PLAN Continued From Page PAn Seven Seren l and the approval of the temporary tern tem stockholders' stockholders committee r The following suggested plan for Icy the reorganization of ot the Western J i. i Loan Building company has received re re- the approval of the undersigned undersigned under under- signed committee of stockholders and and the board of at directors of ot the company Inasmuch as any plan to be submitted sub sub- 1 to 1 the stockholders for their approval must b be suggestive and ten ten- tenI I and have received the approval of ot the several banking departments the following plan will confine itself itsel f j to a broad outline leaving details to to- to the board of ot directors selected select to cf- cf dr r feet the reorganization Jj J l I 1 The company shall be reorganized 1 in such a way as to preserve J its right to continue as lS a building ij f and loan association I 2 In any reorganization all in S in-S 4 as distinguished from holders holders holders hold- hold ers of ot reserve fund stock must have hae J preserved to them the same preferential preferential prefer prefer- t position as to permanent fe- fe re 1 I serve sene stock that they would enjoy in inthe s the case of ot liquidation 1 j 3 The voting rights of stockholders stockholders stock stock- holders in such reorganized corporation corporation corpora corpora- j tion shall be so fixed as to prevent i t ithe the possibility of ot the control of the tha tho company falling into hands of a ami mi mi- minority interest 4 4 In view of the fact that the company is authorized to operate in fit ia- eight states and has done substantial business in all of those states it is advisable that the board of ot directors I be expanded to permit pet representation represents tion from each of ot the states inter inter- ested 5 There shall be such J tion lion of the assets as may be required in connection with the stock set up herein suggested 6 6 In order to preserve the structure structure ture of ot the company it is necessary to set up a fixed percentage of the company's com corn pany's assets in a permanent reserve fund against which stock wilf wilt be 4 1 issued pro rata to holders of investment invest invest- ment meat certificates In addition to receiving re re- rei i j reserve stock representing his hb S Spro 1 pro rata interest in such reserve each j investor shall receive a certificate representing his pro rata rats interest in ill i the assets of the company outside of the reserve fund such certificate to bear interest at a rate not exceeding ding per cent 7 Whenever the assets of the the- company arc are sufficient to discharge all of ot the obligations of the company to investors as distinguished from holders of present reserve fund stock then the holders of ot present pe permanent manent reserve stock s shall 11 b be en en- en titled HUed to any excess profits Such right shall shaJI be evidenced by an ap appropriate appropriate ap ap- certificate S 8 This plan when approved d by bythe the several bank commissioners will with necessary detail detail supplied be submitted to the stockholders by the board of directors in connection with the notice calling the special meeting of the sto stockholders An available but proxy or proxies must be suggested to the stockholders for their convenience I 5 |
